Penzance Acquires Property At 450 Springpark Pl In Herndon For $71.5 Million With Broker Representation From Bruce Strasburg And Dek Potts Of JLL
450 Springpark Pl, Herndon, VA, 20170
$71,500,000
$169/SF
Building Size
422,000 SF
Asset Type
Office
Closing
Sep 25, 2019
AI
The property located at 450 Springpark Pl, Herndon, VA, 20170, is listed within the Herndon market. The transaction involves a total price of $71,500,000.00 for an expansive area of 422,000 square feet.
Summary of transaction details:
- Property Type: Sale
- Transaction Amount: $71,500,000.00
- Address: 450 Springpark Pl, Herndon, VA, 20170
- Market: Herndon
- Square Footage: 422,000
- Buyer: Penzance
- Buyer's Representative: Bruce Strasburg, Dek Potts - JLL
The key individuals involved in the transaction include Penzance as the buyer, with representation by Bruce Strasburg and Dek Potts from JLL, highlighting the brokerage's role in facilitating the deal.
Herndon Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93